$8.1bn profit repatriation: Court adjourns MTN, CBN dispute till January 22

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6 years ago

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JUSTICE Saliu Saidu of Federal High Court sitting in Lagos on Wednesday adjourned till January 22, 2019, for a report of settlement of the dispute between MTN Nigeria Communications Limited and the Central Bank of Nigeria over the controversial repatriation of $8.1bn profits from Nigeria.

It would be recalled that the CBN had on August 29, this year sanctioned four banks with various fines totalling about N5.87 billion for allegedly violating sections of the country’s foreign exchange regulations by facilitating the controversial repatriation of profits from Nigeria on behalf of MTN Nigeria.

At Wednesday’s proceedings the lead counsel for MTN Nigeria, Chief Wole Olanipekun, SAN, told the trial judge, Justice Saliu Saidu that on the last adjourned date parties informed the court of the ongoing discussion to settle the dispute out of court.

Olanipekun added that the talk is still ongoing and progressing and pray for the indulgence of the court to grant a further adjournment to enable parties concludes their talks.

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He thereafter, informed the court that counsel in the matter has agreed to come back on January 22, 2019, so as to brief the court on the level of progress reached on the negotiations.

Counsel to the defendants, Mr Seyi Sowemimo, SAN, and Oluwakemi Campbel also agreed with the position of the plaintiff’s counsel.

Justice Saidu adjourned the matter till January 22, 2019, for a report of settlement.

TribuneOnline recalls that at the last adjourned date, parties in the dispute, MTN Nigeria Communications Limited and the Central Bank of Nigeria (CBN) had informed the Court that they have resolved to go for an out-of-court settlement of the dispute on the alleged controversial repatriation of over $8.1bn profits from Nigeria.

Four banks were accused of “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006.”

The banks are; Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank.

However, MTN was directed by CBN to carry out a reversal of the transaction and return the entire $8.1bn to Nigeria and follow the due process of repatriation of the funds.